MOIL gained 3.05% to Rs 249.75 at 10:50 IST on BSE after the company announced that it has increased prices of different grades of manganese ore and other products from 1 January 2018.
The announcement was made before market hours today, 1 January 2018.Meanwhile, the S&P BSE Sensex was up 16.07 points, or 0.05% to 34,072.90. The S&P BSE Mid-Cap index was up 131.65 points or 0.74% to 17,954.05, outperforming the Sensex.
On the BSE, 69,701 shares were traded in the counter so far, compared with average daily volumes of 1.51 lakh shares in the past one quarter. The stock had hit a high of Rs 250.55 and a low of Rs 245 so far during the day. The stock had hit a 52-week high of Rs 285.50 on 24 October 2017. The stock had hit a 52-week low of Rs 147.50 on 25 May 2017.
The mid-cap company has equity capital of Rs 266.38 crore. Face value per share is Rs 10.
The stock has gained 6.5% in three sessions to its ruling price from a close of Rs 234.55 on 27 December 2017.
MOIL has fixed/revised prices of different grades of manganese ore and other products, effective from 1 January 2018.
The prices of ferro grade, SMGR (Mn 30% & Mn 25%) and chemical grade have been increased by about 12.5% on the existing prices from 1 January 2018.
The prices of fines have been increased by about 10% on the existing prices from 1 January 2018 The price of electrolytic manganese dioxide (EMD), have been increased by about 7.5% on the existing price from 1 January 2018.
Ferro manganese/ferro manganese slag and some identified grades of manganese ore continue to be sold on e-auction basis as well as through metal mandi (M3) of MSTC.
MOIL's net profit surged 123.51% to Rs 92.69 crore on 46.3% increase in net sales to Rs 286.71 crore in Q2 September 2017 over Q2 September 2016.
MOIL produces and sells different grades of manganese ore. The government of India holds 56.21% stake in the company as per the shareholding pattern as on 30 September 2017.
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